Yachts that are owned by a Greek or a European Union owner/legal entity are eligible to be registered as Commercial Yachts under the auspices of the Greek Registry of Shipping.
The purchase of a Greek Commercial Yacht is VAT-exempt i.e. the buyer doesn't pay VAT when buying the yacht for commercial purposes (the applicable VAT rate in Greece is currently 24%).
All profits/income are paying zero (0%) tax rate
The last few years the Greek Registry has increased the tonnage under the Greek Flag and many pleasure boats of every size were registered there, in view of the VAT relief, income tax relief, and the liberalization of the charter and cruise operations.
The procedure for registering a Commercial Yacht under the Greek Flag is similar to the one of registering a boat under the Flag of the United Kingdom. The owner (or his representative) should be applying by filing the following with the Ministry of Shipping: a) Certificate of Survey b) Greek Registry Compliance Certificate (the equivalent of MCA Compliance Certificate) c) Customs Import Declaration (Exempt VAT Certificate) d) Proof of Title (Bill of Sale, Builder's Certificate or equivalent) e) Radio License Certificate.
The same documents (as above) should be filed for applying for the License of using commercially the boat. The prerequisite for maintaining or renewing this license is documentary evidence that the boat was commercially engaged for at least 200 days during the last 5 years, or 300 days if used on a bareboat basis.